IMF Advises El Salvador to Reform Bitcoin (BTC) Rules as an Official Currency

The International Monetary Fund (IMF) has advised El Salvador to reform the country's rules on Bitcoin (BTC) as an official currency.

The International Monetary Fund (IMF) has advised El Salvador to reform the country’s rules on Bitcoin (BTC) as an official currency.

During a press briefing on Thursday, IMF spokesperson Julie Kozack says the agency is in ongoing engagement with El Salvador on policies that can boost productivity and economic governance.

She says the talks include issues stemming from the use of Bitcoin.

“Addressing risks arising from Bitcoin is a key element of these discussions. And of course, the goal is for the Fund to be in a position to support a credible and well-sequenced policy package that is designed by the authorities.”

Kozack says the IMF wants El Salvador to reconsider its policies on Bitcoin, which include the public’s exposure to the flagship crypto asset.

“With respect to the details on Bitcoin, what we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting the public sector exposure to Bitcoin.”

El Salvador became the first country in the world to adopt Bitcoin as a legal tender in 2021. Earlier this year, President Nayib Bukele said that the Central American nation plans to continue accumulating one BTC per day.

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